U.S. patent number 9,076,134 [Application Number 09/978,849] was granted by the patent office on 2015-07-07 for computerized money transfer system and method.
This patent grant is currently assigned to Chequepoint Franchise Corporation. The grantee listed for this patent is Felix Grovit, Stefan Carim Ismail Grovit, Neel Vichhi. Invention is credited to Felix Grovit, Stefan Carim Ismail Grovit, Neel Vichhi.
United States Patent |
9,076,134 |
Grovit , et al. |
July 7, 2015 |
Computerized money transfer system and method
Abstract
A computerized money transfer system implements a money transfer
service for trasferring money from a sending entity to at least one
receiving entity. A plurality of agent terminals operable by agents
of the money transfer service are interconnected by a
communications network. A money transfer control system is
connected to the communications network for controlling the
implementation of the money transfer service. The money transfer
control system includes an agent account data store storing account
data for each agent and a transaction data store storing
transaction data for transactions by agents implementing money
transfers from a sending entity to at least one receiving entity.
When data is input to an agent terminal by a sending agent
instigating a money transfer requested by a sending entity to at
least one receiving entity, the data is transmitted to the money
transfer control system. The input data identifies the sending and
receiving entities, sending agent and at least one receiving agent
that is to remit the money transferred thereto to the or each
receiving entity. The money transfer control system records the
input data in the transaction data store as a transaction from a
sending agent to at least one receiving agent for a sending entity
and at least one receiving entity and updates the agent account
data in the agent account data store for the sending and receiving
agents.
Inventors: |
Grovit; Felix (Brussels,
BE), Vichhi; Neel (Romford, GB), Grovit;
Stefan Carim Ismail (London, GB) |
Applicant: |
Name |
City |
State |
Country |
Type |
Grovit; Felix
Vichhi; Neel
Grovit; Stefan Carim Ismail |
Brussels
Romford
London |
N/A
N/A
N/A |
BE
GB
GB |
|
|
Assignee: |
Chequepoint Franchise
Corporation (Panama city, PA)
|
Family
ID: |
26246660 |
Appl.
No.: |
09/978,849 |
Filed: |
October 15, 2001 |
Prior Publication Data
|
|
|
|
Document
Identifier |
Publication Date |
|
US 20030074310 A1 |
Apr 17, 2003 |
|
Current U.S.
Class: |
1/1 |
Current CPC
Class: |
G06Q
20/10 (20130101); G06Q 40/04 (20130101); G06Q
20/04 (20130101); G06Q 20/00 (20130101); G06Q
20/108 (20130101); G06Q 20/381 (20130101); G06Q
40/02 (20130101); G06Q 20/18 (20130101); G06Q
40/00 (20130101) |
Current International
Class: |
G06Q
40/00 (20120101); G06Q 20/04 (20120101); G06Q
20/10 (20120101); G06Q 20/00 (20120101); G06Q
40/04 (20120101); G06Q 20/38 (20120101); G06Q
40/02 (20120101); G06Q 20/18 (20120101) |
Field of
Search: |
;705/39,40,76,379,35 |
References Cited
[Referenced By]
U.S. Patent Documents
Foreign Patent Documents
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|
|
|
|
0910840 |
|
Apr 1999 |
|
EP |
|
WO-01/09850 |
|
Feb 2001 |
|
WO |
|
WO-01/11524 |
|
Feb 2001 |
|
WO |
|
WO-03/034353 |
|
Apr 2003 |
|
WO |
|
Other References
Marina Lee, F. T., Nie, F. L., Ong, H. P., & Tew, P. Y. (1999).
Money laundering and banking practices. Singapore Management
Review, 21(1), 1. Retrieved Feb. 23, 2015. cited by examiner .
Labaton, S. (Aug. 28, 1989). Slick money launderers find system
easy to beat. St.Petersburg Times Retrieved Feb. 23, 2015. cited by
examiner .
Labaton, S. (Aug. 27, 1989). Electronic banking makes laundering
drug money easy. Austin American Statesman Retrieved Feb. 23, 2015.
cited by examiner .
By, M. L. (Jul. 16, 1985). Federal bank examiners are drawing
fire--penn square, continental Illinois raise questions about U.S.
staff. Wall Street Journal Retrieved from Feb. 23, 2015. cited by
examiner.
|
Primary Examiner: Robinson; Kito R
Attorney, Agent or Firm: Behravesh; Arash Mannava &
Kang, P.C.
Claims
What is claimed is:
1. A computerized money transfer system implementing a money
transfer service for transferring money from a sending entity to at
least one receiving entity comprising: a a plurality of agent
terminals that is operated by agents of the money transfer service,
said agent terminal being interconnected by a communications
network: a money transfer control system connected by the
communications network to the plurality of agent terminals, wherein
said money transfer control system solely controls and implements a
money transfer transaction in the money transfer service, the money
transfer control system including an agent account data store
storing account data for each agent, and a transaction data store
storing transaction data for transactions by agents implementing
money transfers from a sending entity to at least one receiving
entity, wherein the money transfer control system is positioned in
a first currency location with first local money transfer
regulations; wherein at least one of said agent terminals, located
in a second currency location with second local money transfer
regulations and part of a first organization having a sending agent
and a sending entity, (i) is responsive to data input by the
sending agent instigating a money transfer requested by the sending
entity to at least one receiving entity that is part of a second
organization different from the first organization, and (ii)
transmits the input data to the money transfer control system;
wherein the input data identifies the sending and receiving entity
or entities, the sending agent, and at least one receiving agent,
who is part of the second organization, and transmits the money
transferred thereto to the each receiving entity; wherein the money
transfer control system applies first local money transfer
regulations and second local money transfer regulations to the
money transfer request; wherein the money transfer control system
records the input data in said transaction data store as a
transaction from a sending agent to at least one receiving agent
for a sending entity and at least one receiving entity, with the
sending agent terminal and the receiving agent terminal being in
separate currency locations, and updates the agent account data in
the agent account data store for the sending and receiving agents;
wherein the first organization and the second organization are
unrelated, and a money transfer transaction occurs through and is
solely controlled by the money transfer control system; wherein the
money transfer control system implements and carries out the money
transfer transaction between the sending agent and the at least one
receiving agent such that the sending agent communicates with the
money transfer control system, and the at least one receiving agent
communicates with the money transfer control system; and wherein
neither the sending entity nor the sending agent is required to
communicate directly with or send information directly to either
one of the at least one receiving agent and the at least one
receiving entity, in order to verify or complete the money transfer
transaction.
2. A a computerized money transfer system according to claim 1,
wherein the money transfer requested is from a sending currency to
a receiving currency, said money transfer control system includes
an exchange rate data store storing exchange rate data, said agents
account data store stores account data for each agent in a local
currency for the agent, and said money transfer control system is
adapted to use the exchange rate data in said exchange rate data
store to convert currency values for transactions to determine an
amount in the receiving currency based on an amount in the sending
currency, to store the amounts as part of the transaction stored in
said transaction data store, and to update the agent account data
in the agent account data store for the agents in the local
currencies based on the exchange rate data.
3. The computerized money transfer system according to claim 1,
wherein said money transfer control system is adapted to send a
request for further information from the sending entity at the
agent terminal operated by the sending agent if the transaction
fits a predetermined criteria, receive the further information from
the agent terminal, and to associate the further information with
the transaction in the transaction data store.
4. The computerized money transfer system according to claim 1,
wherein said receiving agent is in a third currency location and
wherein said money transfer control system is adapted to monitor
the transaction for compliance with regulations of the third
currency location.
5. The computerized money transfer system according to claim 1,
wherein said money transfer control system includes a money
laundering regulation interface if module and a money laundering
regulation record.
6. The computerized money transfer system according to claim 1,
wherein said plurality of agent terminals can each act to send
money and receive money.
7. The computerized money transfer system according to claim 1,
wherein a group of said plurality of agent terminals in a single
organization can send and receive money to each other without
accessing the money transfer control system.
8. The computerized money transfer system according to claim 1,
wherein the money transfer control system applies money laundering
regulations for transactions between terminals in different
countries.
9. The computerized money transfer system according to claim 1,
wherein said money transfer control system is adapted to provide
accounting for both the first organization and the second
organization.
10. The computerized money transfer system according to claim 1,
wherein said money transfer control system is the only link between
the sending entity and the receiving entity.
11. A a computerized money transfer system according to claim 3,
wherein said money transfer control system includes a first
transaction controller to control the transaction based on a
comparison of a returned further information and predetermined
criteria.
12. A a computerized money transfer system according to claim 11,
wherein said first transaction control system is adapted to
determine if the received further information matches a
predetermined criteria, and if so, to block the money transfer and
to transmit a message to the agent terminal operated by the sending
agent to inform the sending agent that the money transfer has not
occurred.
13. A computerized money transfer system according to claim 1,
wherein said money transfer control system is adapted to receive
input data from an agent terminal identifying a sending entity of a
first discrete organization and a plurality of receiving entities
of at least one second discrete organization, and to store
transaction data in the transaction data store as a single sending
transaction indexed for the sending entity and as a plurality of
receiving transactions indexed for each receiving entity.
14. A computerized money transfer system according to claim 1,
wherein said money transfer control system is adapted to receive
input data from an agent terminal identifying a sending entity, a
sending agent, a plurality of receiving entities and a plurality of
receiving agents, and to store transaction data in the transaction
data store as a single sending transaction indexed for the sending
agent and as a plurality of receiving transactions indexed for each
receiving agent.
15. A computerized money transfer system according to claim 1,
wherein said money transfer control system is implemented as a web
service over an Internet Protocol network, and each said agent
terminals implements a web browser application to communicate with
said money transfer control system.
16. A computerized money transfer system according to claim 1,
wherein said money transfer control system includes an
administration interface to allow agents to access respective agent
account data in said agent account data store and transaction data
in said transaction data store.
17. A computerized money transfer system according to claim 1,
wherein said money transfer control system includes account netting
off means for allowing agents to determine a net off of their
accounts in the accounts data store against any other agent.
18. A computerized money transfer system according to claim 1,
wherein at least one agent terminal includes a sending entity
recognition device for automatically inputting data identifying a
sending entity.
19. A computerized money transfer system implementing a money
transfer service for transferring money from a sending entity to at
least one receiving entity, the system comprising: a plurality of
agent terminals that are operated by agents of the money transfer
service, said agent terminals being interconnected by a
communications network, a money transfer control system connected
to the plurality of agent terminals by the communications network,
said money transfer control system solely controls and implements a
money transfer transaction in the money transfer service, the money
transfer system being in a first country with a first currency and
first money transfer regulations, the money transfer control system
including an agent account data store storing account data for each
agent, and a transaction data store storing transaction data for
transactions by agents implementing money transfers from a sending
entity to at least one receiving entity; wherein at least one of
said agent terminals, located in a second country with a second
currency, subject to second money transfer regulations and part of
a first organization, is responsive to data input by a sending
agent instigating a money transfer requested by a sending entity to
at least one receiving entity, and transmits the input data to the
money transfer control system; wherein the input data identifies
the sending and receiving entity or entities, the sending agent,
and at least one receiving agent in a third country with a third
currency, subject to a third money transfer regulations and part of
a second organization different than the first organization that is
to remit the money transferred thereto to the each receiving
entity; wherein the money transfer control system records the input
data in said transaction data store as a transaction from a sending
agent to at least one receiving agent for a sending entity and at
least one receiving entity, and updates the agent account data in
the agent account data store for the sending and receiving agents;
wherein the money transfer control system applies the first, second
and third money transfer regulations to the money transfer request;
wherein said money transfer control system includes an interface
that allows agents operating agent terminals to be registered as a
master agent and other agents to be registered as sub agents, and
links the account data in the account data store for the sub agents
to the master agent; wherein the first organization and the second
organization are unaffiliated and unrelated, and a money transfer
transaction occurs through and is solely controlled by the money
transfer control system; wherein the money transfer control system
implements and carries out the money transfer transaction between
the sending agent and the at least one receiving agent such that
the sending agent communicates with the money transfer control
system, and the at least one receiving agent communicates with the
money transfer control system; and wherein neither the sending
entity nor the sending agent is required to communicate directly
with or send information directly to either one of the at least one
receiving agent and the at least one receiving entity, in order to
verify or complete the money transfer transaction.
20. A computerized money transfer system according to claim 19,
wherein at least one agent terminal operated by an agent registered
as a master agent includes a domain money transfer control system
to control the implementation of the money transfer service between
agents in a set of agent terminals operated by agents registered as
sub agents of the master agent, wherein the master agent connects
the sub agents to the money transfer control system; and said at
least one agent terminal including a domain agent account data
store storing account data for the set of agents, and a domain
transaction data store storing transaction data for transactions
between agents in the set of agents.
21. A method of controlling the implementation of a money transfer
service for transferring money from a sending entity to at least
one receiving entity, by a computerized central money transfer
control system connected to a plurality of agent terminals by a
communications network, wherein the computerized central money
transfer control system solely controls the money transfer, said
agent terminals are interconnected by the communications network
and are operated by agents to instigate a money transfer requested
by a sending entity to at least one receiving entity, the method
comprising: storing account data for each agent in an agent account
data store; receiving, at the computerized central money transfer
control system, data from a sending agent terminal in a first
country with first money transfer regulations, wherein the data
identifies the sending and receiving entities, the sending agent,
and at least one receiving agent that is in a second country with
second money transfer regulations and that is to remit the money
transferred thereto to the each receiving entity, wherein a
computerized central money transfer organization provides the money
transfer route between the sending agent and the receiving agent,
which are part of unrelated organizations; recording at the
computerized central money transfer control system, the input data
in a transaction data store as a transaction from a sending agent
to at least one receiving agent for a sending entity and at least
one receiving entity; updating the agent account data in the agent
account data store for the sending and receiving agents based on
the transactions; monitoring transactions, at the central money
transfer control system, for compliance with the first money
transfer regulations and with the second money transfer regulations
at the computerized money transfer control system; wherein the
computerized central money transfer control system applies said
first money transfer regulations and said second money transfer
regulations to the transactions; and carrying out the money
transfer transaction between the sending agent and the at least one
receiving agent by the computerized central money transfer control
system, wherein neither the sending entity nor sending agent is
required to communicate directly with or send information directly
to either one of the at least one receiving entity and at least one
receiving agent in order to verify or complete the money transfer
transaction.
22. A method according to claim 21, wherein the money transfer
requested is from a sending currency to a receiving currency, said
agents account data store stores account data for each agent in a
local currency for the agent, and the method includes using the
exchange rate data in an exchange rate data store at the
computerized money transfer control system to convert currency
values for transactions to determine an amount in the receiving
currency based on an amount in the sending currency, storing the
amounts as part of the transaction stored in said transaction data
store, and updating the agent account data in the agent account
data store for the agents in the local currencies based on the
exchange rate data.
23. The method according to claim 22, comprising sending a request
for further information from the sending entity to the agent
terminal operated by the sending agent if the transaction fits a
predetermined criteria, receiving the further information from the
agent terminal, and associating the further information with the
transaction in the transaction data store.
24. A method according to claim 21, wherein the computerized
central money transfer control system controls the transaction
based on a comparison of a returned further information and
predetermined criteria.
25. A method according to claim 24, wherein the transaction is
controlled by the computerized central money transfer control
system determining if the received further information matches a
predetermined criteria, and if so, blocking the money transfer and
transmitting a message to the agent terminal operated by the
sending agent to inform the sending agent that the money transfer
has been blocked.
26. A method according to claim 21, including the computerized
central money transfer control system controlling the transaction
by comparing the transaction to predetermined criteria.
27. A method according to claim 26, wherein the transaction is
controlled by the computerized central money transfer control
system comparing the transaction to money laundering compliance
regulatory data representing money laundering compliance
regulations, and blocking the transaction if the comparison
determines that the transaction contravenes the money laundering
compliance regulations.
28. A method according to claim 21, including the computerized
central money transfer control system controlling the transaction
by reference to the transaction and account data in said account
data store for the sending agent.
29. A method according to claim 21, including providing an
interface to allow agents operating agent terminals to be
registered as a master agent and other agents to be registered as
sub agents, and linking the account data in the account data store
for the sub agents to the master agent.
30. A method according to claim 21, wherein said received input
data from an agent terminal identifies a sending entity and a
plurality of receiving entities, and the transaction data is stored
in the transaction data store as a single sending transaction
indexed for the sending entity and as a plurality of receiving
transactions indexed for each receiving entity.
31. A method according to claim 21, wherein said received input
data from an agent terminal identifies a sending entity, a sending
agent, a plurality of receiving entities and a plurality of
receiving agents, and the transaction data is stored in the
transaction data store as a single sending transaction indexed for
the sending agent and as a plurality of receiving transactions
indexed for each receiving agent.
32. A method according to claim 21, including providing as an
interface a web service over an Internet Protocol network, wherein
each of said agent terminals implements a web browser application
to communicate with said money transfer control system.
33. A method according to claim 21, including providing an
administration is interface to allow agents to access respective
agent account data in said agent account data store and transaction
data in said transaction data store.
34. A method according to claim 21, including providing an in
interface to allow agents to determine a net off of their accounts
in the accounts data store against any other agent.
35. A money transfer system comprising: a computerized money
transfer control system that is connected to a plurality of agent
terminals over a communications network, wherein the computerized
money transfer control system solely controls and implements a
money transfer transaction in a money transfer service that
transfers money from a sending entity of a first organization
subject to first money laundering regulations to at least one
receiving entity of a second organization subject to second money
laundering regulations, said agent terminals being interconnected
by the communications network and that is operated by agents to
instigate a money transfer requested by a sending entity to at
least one receiving entity, the agent terminals of the sending
entity and the receiving entity are part of different unrelated
organizations for a money transfer, and a money transfer occurs
through and is solely controlled by the money transfer system,
wherein the computerized money transfer control system implements
and carries out the money transfer transaction between a sending
agent and at least one receiving agent terminal such that the
sending agent communicates with the computerized money transfer
control system, and the at least one receiving agent communicates
with the computerized money transfer control system, and wherein
neither the sending entity nor the sending agent is required to
communicate directly with or send information directly to either
one of the at least one receiving agent and the at least one
receiving entity, in order to verify or complete the money transfer
transaction, the computerized money transfer control system
including: an agent account data store storing account data for
each agent; a transaction data store storing transaction data for
transactions by agents implementing money transfers from a sending
entity to at least one receiving entity; a money laundering
regulator that applies both first money laundering regulations and
the second money laundering regulations to the money transfer
request; a receiver that receives input data from said agent
terminal, wherein the input data identifies the sending and
receiving entities, the sending agent, and the at least one
receiving agent that is to remit the money transferred thereto to
the each receiving entity; a recorder for recording the input data
in said transaction data store as a transaction from the sending
agent to the at least one receiving agent for a sending entity and
the at least one receiving entity; an account data updater for
updating the agent account data in the agent account data store for
the sending and receiving agents based on the transaction; and a
master agent terminal, operated by an agent registered as a master
agent, implements a domain money transfer control system to control
the implementation of the money transfer service between agents in
a set of agent terminals operated by agents registered as sub
agents of the master agent, stores account data for the set of
agents, and stores transaction data for transactions between agents
in the set of agents.
36. A computerized money transfer system implementing a money
transfer service for transferring money from a sender to a
plurality of receivers, comprising: a plurality of terminals
interconnected by a communications network; a computerized money
transfer control system, connected to the communications network
wherein the computerized money transfer control system solely
controls and implements a money transfer transaction in the money
transfer service, the money transfer control system including a
transaction data store storing transaction data for transactions
implementing money transfers from a sender to the receivers;
wherein at least one of said terminals, which is in a first
transfer regulation jurisdiction and is part of a first
organization, is responsive to data that is entered to instigate a
money transfer from a sender to at least one receiver that is in at
least one second transfer regulation jurisdiction, and transmits
the input data to the money transfer control system; wherein the
input data identifies the sender and receivers; wherein the
computerized money transfer control system records the input data
in said transaction data store as a transaction from a sender to
the plurality of receivers, apportions the transaction to each said
receiver, sends data identifying the apportionment for respective
receivers to at least one of the other terminals that is a part of
a second organization that is unrelated to the first organization,
to enable the completion of the money transfer to the respective
receivers; wherein the computerized money transfer control system
applies a first money transfer regulation from the first transfer
regulation jurisdiction and a second money transfer regulations
from the second transfer regulation jurisdiction to the
transaction; wherein the computerized money transfer control system
carries out the money transfer transaction between the sender and
the at least one receiver that is in at least one second transfer
regulation jurisdiction such that the sender communicates with the
computerized money transfer control system, and the at least one
receiver that is in at least one second transfer regulation
jurisdiction communicates with the computerized money transfer
control system; and wherein the sender is not required to
communicate directly with or send information directly to the at
least one receiver that is in at least one second transfer
regulation jurisdiction, in order to verify or complete the money
transfer transaction.
37. A computerized money transfer system according to claim 36,
wherein said money transfer control system is adapted to store the
input data as a single transaction indexed by the sender.
38. A computerized money transfer system according to claim 37,
wherein at least one of said terminals is adapted to receive the
input data as data representing a single transaction, and said
money transfer control system is adapted to store the input data as
a plurality of associated transactions associated by the sender and
indexed by the receiver.
39. A computerized money transfer system according to claim 36,
wherein the senders comprise agents of the money transfer system
acting on instruction from sending entities, or the senders
comprise sending entities; and the receivers comprise agents of the
computerized money transfer system empowered to remit the
transferred money to the receiving entities, or the receivers
comprise receiving entities.
40. A computerized money transfer system money transfer control
system connecting to a plurality of terminals over a communications
network, wherein said computerized money transfer control system
solely controls the implementation of a money transfer service for
transferring money from a sender to a plurality of receivers
through a plurality of countries with distinct money transfer
regulations, said terminals being interconnected by the
communications network and that instigates a money transfer from a
sender to a plurality of receivers, the system comprising: a
transaction data store storing transaction data for transactions
implementing money transfers from a sender in a first country to at
least one of the receivers in a second country; a receiver that
receives data from a terminal that is a part of a first
organization to instigate a money transfer from a sender to a
plurality of receivers, wherein the received data identifies the
sender in the first country and the receiver in the second country;
and a transaction processor that records the received data in said
transaction data store as a transaction from a sender to the
plurality of receivers, apportions the transaction to each said
receiver, and sends data identifying the apportionment for
respective receiver to at least one terminal that is a part of a
second organization unrelated to the first organization to enable
the completion of the money transfer to the respective receiver; a
money laundering regulation store storing money laundering
regulations for each of the countries in which a sender, an
intermediary, and a receiver are located; and a transaction
controller that communicates with the money laundering regulation
store and that controls transactions by comparing them to the
plurality of money laundering compliance regulations of the first
country and the second country and any intermediary country;
wherein the transaction processor implements and carries out the
money transfer transaction between the sender and the at least one
of the receivers in the second country such that the sender
communicates with the money transfer control system, and the at
least one of the receivers in the second country communicates with
the money transfer control system; and wherein the sender is not
required to communicate directly with or send information directly
to the at least one of the receivers in the second country, in
order to verify or complete the money transfer transaction.
41. A computerized money transfer control system according to claim
40, wherein said transaction controller is adapted to store the
input data as a single transaction indexed by the sender.
42. A computerized money transfer control system according to claim
41, wherein said receiver is in the first organization and is
adapted to receive the input data as data representing a single
transaction, and said transaction controller is in the second
organization and is adapted to store the input data as a plurality
of associated transactions associated by the sender and indexed by
the receiver.
43. A computerized money transfer control system according to claim
40, wherein the senders comprise agents of the money transfer
system acting on instruction from sending entities, or the senders
comprise sending entities, and wherein the senders are part of a
first organization; and the receivers comprise agents of the money
transfer system empowered to remit the transferred money to the
receiving entities, or the receivers comprise receiving entities,
and wherein the receivers are part of a second organization
different from the first organization.
44. The computerized money transfer system of claim 40, wherein the
transaction controller is adapted to block transactions in cases
where the comparison determines that the transactions contravene at
least one of the applicable money laundering compliance
regulations, to request further information if a transaction
violates the money laundering compliance regulations, and to
re-compare the further information and the transaction to the money
laundering compliance regulations.
45. A method of controlling the implementation of a money transfer
service for transferring money from a sender to a plurality of
receivers, including a computerized money transfer control system
that solely controls and implements a money transfer transaction in
the money transfer service, the computerized money transfer control
system being connected to a plurality of terminals over a
communications network, said terminals being interconnected by the
communications network and that instigates a money transfer from a
sender to a plurality of receivers, the method comprising:
receiving data from a terminal that is a part of a first
organization to instigate a money transfer from a sender in the
first organization with first regulations to a plurality of
receivers in at least one second organization with second
regulations that are different than the first regulations, wherein
the received data identifies the sender and receiver; recording the
received data in a transaction data store as a transaction from a
sender to the plurality of receivers; apportioning the transaction
to each said receiver; sending data identifying the apportionment
for respective receiver to at least one terminal that is part of a
second organization that is unrelated to the first organization, to
enable the completion of the money transfer to the respective
receiver; carrying out the money transfer transaction between the
sender and the at least one receiver solely through the use of the
computerized money transfer control system, wherein the sender is
not required to communicate directly with or send information
directly to either one of the at least one receiver in order to
verify or complete the money transfer transaction; and monitoring
transactions for compliance with both the first regulations and the
second regulations, wherein monitoring includes intervening in the
transaction as needed, updating the transaction as needed, and
blocking the transaction as needed, sending a request for further
information from the sending entity to the agent terminal operated
by the sending agent if the transaction fits a predetermined
criteria, receiving the further information from an agent terminal,
and associating the further information with the transaction in the
transaction data store.
46. A method according to claim 45, wherein the input data is
stored as a single transaction indexed by the sender.
47. A method according to claim 46, wherein the input data is
received as data representing a single transaction, and the input
data is stored as a plurality of associate transactions associated
by the sender and indexed by the receiver.
48. A method according to claim 45, wherein the senders comprise
agents of the money transfer system acting on instruction from
sending entities, or the senders comprise sending entities; and the
receivers comprise agents of the money transfer system empowered to
remit the transferred money to the receiving entities, or the
receivers comprise receiving entities.
49. A method of controlling the implementation of a money transfer
service for transferring money from a sending entity to at least
one receiving entity, including a computerized money transfer
control system that solely controls and implements a money transfer
transaction in the money transfer service, the computerized money
transfer control system being connected to a plurality of agent
terminals over a communications network, said agent terminals being
interconnected by the communications network and that is operated
by agents to instigate a money transfer requested by a sending
entity to at least one receiving entity, the method comprising:
storing account data for each agent in an agent account data store;
receiving data from at least one of said agent terminals, wherein
the data identifies the sending and receiving entities, the sending
agent, and at least one receiving agent that is to remit the money
transferred thereto to the each receiving entity, wherein the
sending agent and the receiving agent are part of unrelated
organizations; recording the input data in a transaction data store
as a transaction from a sending agent to at least one receiving
agent for a sending entity and at least one receiving entity;
updating the agent account data in the agent account data store for
the sending and receiving agents based on the transaction; carrying
out the money transfer transaction between the sending agent and
the at least one receiving agent through the use of the money
transfer control system, wherein neither the sending entity nor
sending agent is required to communicate directly with or send
information directly to either one of the at least one receiving
entity and at least one receiving agent in order to verify or
complete the money transfer transaction; and controlling the
transaction by comparing the transaction to predetermined data
stored in a money laundering record, which includes the regulations
for each country that is part of the money transfer, if the
comparison fails, then requesting further data regarding the
transaction.
50. A method according to claim 49, wherein controlling the
transaction includes the money transfer control system comparing
the transaction to money laundering compliance regulatory data
representing money laundering compliance regulations, and blocking
the transaction if the comparison determines that the transaction
contravenes the money laundering compliance regulations.
51. A method according to claim 49, including providing an
interface to allow agents operating agent terminals to be
registered as a master agent and other agents to be registered as
sub agents, and linking the account data in the account data store
for the sub agents to the master agent.
52. A method according to claim 49, including providing an
administration interface to allow agents to access respective agent
account data in said agent account data store and transaction data
in said transaction data store.
53. A computerized money transfer system for implementing a money
transfer service for transferring money between a sending entity
and at least one receiving entity using different unrelated
organizations, comprising: a money transfer control system
connected to a communications network, wherein the money transfer
control system solely controls and implements a money transfer
transaction in the money transfer service between a plurality of
agent terminals operable by agents of the money transfer service
and being interconnected by the communications network, wherein the
computerized money transfer control system implements and carries
out the money transfer transaction between a sending agent and at
least one receiving agent such that the sending agent communicates
with the money transfer control system, and the at least one
receiving agent communicates with the money transfer control
system, and wherein neither the sending entity nor the sending
agent is required to communicate directly with or send information
directly to either one of the at least one receiving agent and the
at least one receiving entity, in order to verify or complete the
money transfer transaction, the money transfer control system
including: an agent account data store storing account data for
each agent; and a transaction data store storing transaction data
for transactions by agents implementing money transfers from
sending entities to at least one receiving entity; a money
laundering regulation record that stores and inputs the money
laundering regulations for each country in which an agent terminal
is located and the money laundering regulations in a country where
the money transfer control system is located; and a financial
hierarchy data store storing data indicating whether an agent is
under financial responsibility of another agent.
54. The computerized money transfer system of claim 53, wherein the
financial hierarchy data store also stores data indicating which
agents of a first organization are under the financial
responsibility of which other agents of a second organization.
55. The computerized money transfer system of claim 53, wherein
data for transactions by given agents is mapped to data for
transactions for agents of which they are under financial
responsibility.
56. The computerized money transfer system of claim 53, wherein the
money transfer control system includes a compliance data store
storing predetermined compliance data for transactions.
57. A a computerized money transfer system capable of implementing
a money transfer service for transferring money between a sending
entity and at least one receiving entity, comprising: a plurality
of agent terminals operable by agents of the money transfer
service, said agent terminals interconnected by a communications
network; a first money transfer control system connected to the
communications network; wherein the first money transfer control
system solely controls and implements a money transfer transaction
in the money transfer service, the first money transfer control
system including an agent account data store storing account data
for each agent, and a transaction data store storing transaction
data for transactions by agents implementing money transfers from
sending entities to at least one receiving entity; wherein the
money transfer control system completes the money transfer
transaction between a sending entity and the at least one receiving
entity using a sending agent and at least one receiving agent, such
that the sending agent and at least one receiving agent are a part
of unrelated organizations, and the sending agent communicates with
the money transfer control system, and the at least one receiving
agent communicates with the money transfer control system; wherein
neither the sending entity nor the sending agent is required to
communicate directly with or send information directly to the at
least one receiving agent or the at least one receiving entity, in
order to verify or complete the money transfer transaction; and a
second money transfer control system that controls the compliance
of transactions, the second money transfer control system including
conformance data for predetermined criteria for assessing
transactions and requesting further information if a transaction is
not in conformance, and a money laundering regulation record for
each country in which at least one of the plurality of agent
terminals is located.
58. The computerized money transfer system of claim 57, wherein the
second money transfer system is operable to block transactions
meeting the predetermined criteria for assessing transactions.
59. A computerized money transfer system capable of implementing a
money transfer service for transferring money between a sender and
at least one receiver, using a sending terminal and at least one
receiving terminal, the computerized money transfer system
including a computerized money transfer control system that solely
controls and implements a money transfer transaction in the money
transfer service, the money transfer control system comprising: a
central database that stores data relating to money transfer
operations; a transaction processor coupled to the database and
that executes money transfer functions; a transaction data store
that stores transaction data; a communication connection coupled to
the transaction processor and to communicate with a plurality of
terminals over a communications network, including at least one
terminal being governed by different money transfer regulations
than the transaction processor, the communication connection
electronically receives money transfer instruction from a sending
terminal that is part of a first organization and sends money
transfer instruction to at least one receiving terminal that is
part of a second organization that is unrelated to the first
organization, as approved by the transaction processor; wherein the
central database stores at least data relating to money transfer
regulations for each country in which a terminal resides that can
interact with the transaction processor over the communication
connection; wherein the transaction processor retrieves money
transfer regulations from the central database that are required
for each transaction and applies the money transfer regulations for
each terminal involved in the transaction including requesting
additional transaction data required by at least one of the
terminals and the money transfer regulations of the transaction
processor; wherein the transaction processor applies credit control
for each terminal involved in the transaction; wherein the
transaction processor conducts accounting for each terminal
involved in the transaction; wherein the communication connections
enables the transaction processor to implement and carry out the
money transfer transaction between the sending terminal and the at
least one receiving terminal such that the sending terminal
communicates with the transaction processor, and the at least one
receiving terminal communicates with the money transaction
processor; wherein the sending terminal is not required to
communicate directly with or send information directly to the at
least one receiving terminal in order to verify or complete the
money transfer transaction; and a money laundering interface
coupled to at least one of the transaction processor and the
central database.
60. A computerized money transfer system capable of implementing a
money transfer service for transferring money from a sending entity
to at least one receiving entity, comprising: a plurality of agent
terminals that are operated by agents of the money transfer
service, said agent terminals being interconnected by a
communications network; a money transfer control system connected
to the communications network, wherein the money transfer control
system solely controls and implements a money transfer transaction
in the money transfer service, the money transfer control system
including an agent account data store storing account data for each
agent, and a transaction data store storing transaction data for
transactions by agents implementing money transfers from a sending
entity to at least one receiving entity, wherein the money transfer
control system is positioned in a first location with first money
transfer regulations; wherein at least one of said agent terminals,
located in a second location with second money transfer
regulations, which may be the same or different from the first
money transfer regulations, is responsive to data, input by a
sending agent instigating a money transfer requested by a sending
entity to at least one receiving entity, and transmits the input
data to the money transfer control system; wherein the input data
identifies the sending and receiving entity or entities, the
sending agent, and at least one receiving agent that is to remit
the money transferred thereto to the each receiving entity; wherein
the money transfer control system records the input data in said
transaction data store as a transaction from a sending agent to at
least one receiving agent for a sending, entity and at least one
receiving entity with the sending agent terminal and the receiving
agent terminal being in separate locations, and to update the agent
account data in the agent account data store for the sending and
receiving agents; wherein the sending agent and the at least one
receiving agent are a part of unaffiliated and unrelated
organizations, and a money transfer transaction occurs through and
is solely controlled by the money transfer control system; wherein
the money transfer control system carries out the money transfer
transaction between the sending agent and the at least one
receiving agent such that the sending agent communicates with the
money transfer control system, and the at least one receiving agent
communicates with the money transfer control system; and wherein
neither the sending entity nor the sending agent is required to
communicate directly with or send information directly to either
one of the at least one receiving agent and the at least one
receiving entity, in order to verify or complete the money transfer
transaction.
Description
FIELD OF THE INVENTION
The present invention relates to a computerized money transfer
method and system.
BACKGROUND OF THE INVENTION
There are many services available for the transfer of money from a
sender to a receiver. One method offered by money transfer
companies requires a sender to enter an office of the company in
order to request the sending of money to a receiver, e.g. overseas.
One office local to the receiver is identified and the money is
transferred to that office. When the money reaches the office, the
receiver can go to the office and withdraw the money, e.g. as cash
or a cheque. The problem with this system is that there is a
considerable time delay between the ordering of the transfer of the
money and the actual receipt of the money. This method does however
have the advantage of not requiring a sender to have an account
with the institution through which the money is being
transferred.
Another method by which money can be transferred is by transfer of
funds between accounts, e.g. between bank accounts. Whilst this
method of transferring funds can be last, it requires a sender and
a receiver to have an account with the financial organization
involved in the transfer.
SUMMARY OF THE INVENTION
It is thus an object of the present invention to provide a
simplified and efficient money transfer system and method.
The first aspect of the present invention provides a computerized
money transfer system and method for implementing a money transfer
service for transferring money from a sending entity such as an
individual or company to at least one receiving entity such as a
person or company. A plurality of agent terminals are provided
which are operated by agents of the money transfer service. The
agent terminals are interconnected by a communications network
which can comprise any conventional communications network, e.g. a
wired network such as the Internet, or a wireless network.
Connected to the network is a money transfer controller for
controlling the implementation of the money transfer service.
Agents are registered with the money transfer controller plus
account data for each agent is stored in the money transfer
controller. A transaction data store is also provided to store
transaction data for transactions by agents implementing money
transfers from senders to receivers.
In order to initiate a money transfer, an agent terminal is used by
an agent to input data which identifies the sender, the or each
receiver, the sending agent and at least one receiving agent. The
data will also indicate the amount of money to be transferred. The
input data is received by the money transfer controller and a
transaction data record is stored in the transaction data store.
Also as a result of the transaction the agent account data for the
sending agent is updated based on the transaction.
Thus in accordance with this embodiment of the present invention, a
money transfer system is provided which does not require the
sending entity or receiving entity to have an account. The sending
entity can simply instruct an agent of the money transfer service
to make the transfer which is reflected in the agent's account.
Thus the money transfer system is based on a network of agents each
of which register with the service and have accounts for the
service. All transactions implemented by an agent accrues to their
account, thus in this way a convenient money transfer service is
provided having a network of agents enabling entities to transfer
money therebetween without having a relationship with the money
transfer service or between themselves.
In one embodiment, the money transfer system can enable the
transfer of money to be currency independent. A sending currency
need not be the same as the receiving currency. In this embodiment
the money transfer controller includes exchange rate data enabling
the conversion of currencies. This enables not only the sending
currency and receiving currency to be different, based on the
exchange rate, but also it enables the agent's account data to be
in the agent's local currency based on the exchange rate data
involved in accumulated transactions. The currency exchange can be
direct or indirect via at least one intermediate currency.
In another embodiment of the present invention the money transfer
controller includes a transaction monitor for monitoring
transactions. This enables transactions that fit a predetermined
criteria, e.g. comprise suspicious or irregular transactions, to
require further information from the sender. The requirement for
further information for suspicious or irregular transactions is a
function of money laundering compliance regulations. The provision
of additional information by the sender helps money laundering
regulation officers to detect potential money laundering
operations. On the basis of the input of further information, the
money transfer controller can block the transaction automatically
if it is determined that stored money laundering compliance
regulations are contravened.
In addition to or instead of the monitoring and use of further
data, a transaction can be monitored against predetermined criteria
to determine whether to allow the transaction. For example, the
transaction can be compared with money laundering compliance
regulations to determine whether they are contravened and if so to
block the transaction. Alternatively, or in addition, the
transactions can be monitored and used in conjunction with the
agent's account data in order to determine whether the transaction
should proceed. For example, if the transaction would cause a
change in the agent's account data outside predetermined criteria,
the transaction can be blocked. This provides for automatic credit
control, for example allowing the blocking of transactions until
the agent's account is improved, e.g. by payment of some of the
outstanding debt incurred as a result of previous transactions.
In one embodiment of the present invention, because the agent's
account data and transaction data is stored centrally, this enables
the netting off of agents' accounts for agents against other
agents. Agents have access to their accounts and can monitor and
control their accounts.
In one embodiment of the present invention a money transfer
controller provides an interface to allow agents to register as
master agents and to register other agents as sub-agents. When an
agent registers sub-agents, they accept responsibility for the
transactions of those sub-agents. Thus the account data for these
sub-agents is linked to the account data of the master agent and in
this way all transactions by sub-agents are to some extent
controlled by the master agent. The organization of sub-agents and
master agents can be hierarchical and thus sub-agents themselves
can be master agents for their own sub-agents. However, if a master
agent is also a sub-agent, then the financial activities of the
sub-agents of a master agents who is also a sub-agent are the
responsibility of the master agent at the top of the hierarchical
tree.
In one embodiment where a master agent has registered sub-agents,
the transfer terminal operated by the master agent can include a
domain money transfer controller to control the implementation of
the money transfer service between agents in a set of agent
terminals operated by agents registered as sub-agents of the master
agent. The domain money transfer controller also includes domain
agent account data for the set of agents and domain transaction
data for transactions between agents in the set of agents. This
embodiment of the present invention provides for a hub- and
spoke-type money transfer system in which sub-agents can transfer
money to other sub-agents of the same master agent or the master
agent using the domain money transfer controller implemented on the
agent terminal operated by the master agent. Thus money transfers
between sub-agents and the master agent can take place on a local
basis without need to refer to the main hub money transfer
controller.
In one embodiment of the present invention the input transaction
data from an agent terminal identifies a sender and a plurality of
receivers. In other words the data represents a combined
transaction aimed at a number of recipients. This enables a sender
to make a single request to an agent to send different amounts in
different currencies to different recipients in a single
transaction with the agent. This simplifies the transaction with
the agent and within the money transfer controller, the transaction
data can be stored as a single sending transaction indexed for the
sending entity and/or as a plurality of receiving transactions
indexed for each receiving entity. Alternatively, or in addition,
the transaction data for the transaction can comprise a single
sending transaction indexed for the sending agent and a plurality
of receiving transactions indexed for each receiving agent
In a preferred embodiment of the present invention, the money
transfer system comprises a web-based service implemented over an
Internet Protocol (IP) network such as the Internet. The money
transfer controller comprises a web server system accessible by the
agent terminals using a web interface. The agent terminals comprise
computers implementing web browser application to enable access to
the web interface of the server system.
In one embodiment of the present invention, to avoid the need for
senders who use the money transfer service regularly from having to
repeatedly enter personal data, a sender can be provided with a
device such as a smartcard or other data storage device which can
be read at an agent terminal to automatically input data
identifying the sender.
In accordance with another aspect of the present invention, there
is provided a computerized money transfer system and method
implementing a money transfer service for transferring money from a
sender to a plurality of receivers in which a plurality of
terminals are interconnected by a communications network. A money
transfer controller is connected to the communications network for
controlling the implementation of the money transfer service. The
money transfer controller includes a transaction data store storing
transaction data for transactions implementing money transfers from
a sender to the receivers. Data is input at a terminal to instigate
a money transfer from a sender to at least one receiver. The data
is transmitted from the terminal to the money transfer controller.
The data identifies the sender and the receivers and the money
transfer controller records the data in the transaction data store
as a transaction from a sender to the plurality of receivers. The
money transfer controller also apportions the transaction to each
receiver and sends data identifying the apportionment for
respective receivers to at least one terminal to enable the
completion of the money transfer to the respective receivers.
Thus in accordance with this aspect of the present invention, a
sender is able to complete a single transaction at a terminal of
the money transfer system in which the transaction requires the
transfer of money to more than one receiver who can be located at
more than one terminal. Thus although the money transfer controller
can store a single transaction for the sender, this must be
apportioned appropriately for each receiver to ensure that the
money aimed at the receiver is sent to a terminal to enable the
completion of the money transfer.
In this embodiment of the present invention, the terminals can be
operated by the senders and receivers to provide a simple method of
transferring funds simultaneously from one sender to multiple
receivers in one transaction.
In another embodiment of the present invention, the terminals are
operated by agents of the money transfer service. The agents are
registered with the service and have accounts against which the
transactions are record. The senders therefore contact agents and
make arrangements for payment of agents to send money to receivers.
Receiving agents are identified for receivers and the money is made
available immediately by the or each receiving agent operating
agent terminals for collection by the receivers.
In one embodiment the money transfer controller stores the input
data as a single transaction indexed by the sender.
In another embodiment of the present invention, the money transfer
controller is adapted to store the input data as a plurality of
associated transactions associated by the sender and indexed by the
receiver.
Another aspect of the present invention provides a computerized hub
and spoke money transfer system implementing a money transfer
service for transferring money from a sender to at least one
receiver. The system comprises a plurality of agent terminals that
are operable by agents of the money transfer service. The agent
terminals are interconnected by a communications network to which
is connected a hub money transfer controller for controlling the
implementation of the money transfer service between unrelated
agents. Related agents comprise daughters of a common parent agent.
The hub money transfer control system also includes a transaction
data store storing transaction data for transactions between
unrelated agents implementing money transfers from a sending to at
least one receiver, and an agent data store containing agent
relationships identifying a hierarchy of parent and daughter
agents.
At least one agent terminal operable by a parent agent comprises a
spoke money transfer controller for controlling the implementation
of the money transfer service for money transfers between related
agents. The spoke money transfer controller also comprises a local
transaction data store storing transaction data for transactions
between related agents implementing money transfers from a sender
to at least one receiver, and an agent data store storing agent
relationships identifying a hierarchy of parent and daughter
agents.
When data is input at a terminal by a sending agent instigating a
money transfer at the request of a sender to at least one receiver,
the data input identifies the sender and receiver, the sending
agent, and at least one receiving agent that is to remit the money
transferred thereto to the or each receiver. The input data is
transmitted to either the hub money transfer controller or the
spoke money transfer controller. The data is transmitted to the hub
money transfer controller if a receiving agent identified in the
data is not related to the sending agent. The hub money transfer
controller records the input data in the transaction data store as
a transaction from a sending agent to at least one receiving agent
for a sender and at least one receiver, and transmits information
on all transactions to the or each agent terminal operated by the
or each receiving agent.
If the data is sent to the spoke money transfer controller, the
spoke money transfer controller records the input data in the local
transaction data store as a transaction from a sending agent to at
least one receiving agent for a sender and at least one receiver,
and transmits information on the transaction to the or each agent
terminal operated by the or each receiving agent.
Thus in accordance with this aspect of the present invention, it is
possible for spoke money transfer controllers to handle money
transfers between related agents who are either the agent operating
the spoke money transfer controller, or sub-agents thereof. This
provides for more distributed processing of money transfers and
enables transfers within a domain to be handled locally without
having to utilize a central hub money transfer controller.
In accordance with this aspect of the present invention, it is
possible for transactions to be handled locally by the spoke money
transfer controller because the agent operating the spoke money
transfer controller has control over the sub-agents within the
domain and the operator of the spoke money transfer controller
takes ultimate responsibility for the financial transactions
between its sub-agents.
In one embodiment of the present invention, to ensure that the hub
money transfer controller contains a complete picture of all
transactions taking place within the money transfer control
service, the hub money transfer controller includes transaction
data synchronization means for synchronizing the transaction data
in the transaction data store in the hub money transfer controller
with the transaction data store in the spoke money transfer
controller.
Another aspect of the present invention provides A hub and spoke
money transfer system implementing a money transfer service for
transferring money from a sender to at least one receiver, the
system comprising: a plurality of money transfer agent terminals
operable by money transfer agents; a hub money transfer controller
for controlling the transfer of money between unrelated agents; at
least one spoke money transfer controller for controlling the
transfer of money between related agents; wherein the agent
terminals, the spoke money transfer controller and the hub money
transfer controller communicate over a communications network.
The present invention can be implemented using dedicated processing
equipment, or programmable processing equipment such as suitably
programmed general purpose computers. Further, the present
invention can be implemented by a single processing apparatus or a
number of networked processing apparatuses networked by any
conventional communications network. The present invention can thus
be implemented by suitably programming a computer. Therefore, the
present invention encompasses computer program code for controlling
a processing apparatus to implement the method of the present
invention The computer program can be embodied on any suitable
carrier medium supplied to a processing apparatus such as a
transient carrier medium, e.g. an electrical, optical, microwave,
rf, or acoustic signal (an example being a TCP/IP signal carrying
computer code over an IP network such as the Internet), or a
storage medium such as a floppy disk, hard disk, tape device,
CD-ROM, or solid state memory device.
BRIEF DESCRIPTION OF THE DRAWINGS
FIG. 1 is a schematic diagram of a money transfer system in
accordance with an embodiment of the present invention;
FIG. 2 is a schematic diagram of the data provided in the database
in the embodiment of FIG. 1;
FIG. 3 is a schematic diagram illustrating the different interfaces
provided to the database in an embodiment of the present
invention;
FIG. 4 is a schematic diagram illustrating how agents can be
controlled and organized in a money transfer system in accordance
with an embodiment of the present invention;
FIG. 5 is an organizational diagram illustrating the organization
of agents hierarchically in a money transfer system in accordance
with an embodiment of the present invention;
FIG. 6 is a flow diagram illustrating the method of registering
agents in accordance with an embodiment of the present
invention;
FIGS. 7a and 7b are a flow diagram illustrating the money transfer
process in accordance with an embodiment of the present invention;
and
FIG. 8 is a schematic diagram of a system for implementing a hub
and spoke money transfer service in accordance with an embodiment
of the present invention.
DETAILED DESCRIPTION OF PREFERRED EMBODIMENTS
FIG. 1 is a schematic diagram of a money transfer system in
accordance with an embodiment of the present invention. In this
embodiment a transaction server 1 implements the money transfer
control function and this is connected over the Internet to a first
agents computer 3 and a second agent's computer 5. The first
agent's computer 3 implements a web browser 3a and is provided with
a device reader 3b for receiving a device 3c from a sender who
wishes to send money to a receiver. Thus the agent implementing the
agent's computer 3 acts as a sending agent for a sender. The device
3c can comprise any conventional storage device such as a
smartcard, magnetic card, or other solid state device. The device
3c can store personal information for a sender who is a regular
user of the money transfer service to avoid the user having to
manually provide their personal data every time they wish to
instruct the sending agent to instigate a money transfer. The
sending agent operating the agent's computer 3 will receive payment
from the sender in respect of the money to be transferred to a
receiver. The agent's computer 3 communicates with the transaction
server 1 in order to provide the money transfer as will be
described in more detail hereinafter. The transaction server 1 is
also connected over the Internet to a second agents computer 5,
which in this example is operated by an agent designated as the
receiving agent. The receiving agent's computer 5 is located in an
office which is conveniently accessible to the recipient of the
transferred money. The agent's computer 5 implements a web browser
5a for implementing communications over the Internet 2 to the
transaction server 1. Thus data instructing the transfer of money
is transferred from the sending agent's computer 3 upon payment by
the sender to the receiving agents computer 5, whereupon the
receiving agent will pay the receiver. Thus this system enables a
sender to go to the offices of the sending agent and pay in cash or
any convenient payment method accepted by the sending agent
whereupon an instruction is sent to the receiving agent's computer
to pay the receiver and the receiving agent will pay the receiver
when they present themselves in the receiver's office in any
convenient form, e.g. cash or cheque. The instruction between the
sending agent and the receiving agent for the payment to the sender
is almost instantaneous. There is no need to await the transfer of
the funds. Credit is thus extended between the receiving and
sending agents. This is reflected in their accounts which are
stored within the transaction server 1 in database 10 as will be
described in more detail hereinafter.
The transaction server 1 in this embodiment of the present
invention comprises a web-based service implemented by a web server
6 provided web page interfaces to web browsers 3a and 5a on the
sending agent's computer 3 and the receiving agent's computer 5
respectively. The web server 6 in the transaction server 1 is
provided with Java code in a Java code store 9 for the generation
of appropriate web pages. Also, static web pages and web page
templates are provided in a static web page and template store 7. A
database application 8 is provided to interface the web server 6 to
a database 10 in which is stored agents' account information and
transaction information as will be described in more detail
hereinafter.
It can thus be seen from FIG. 1 that the present invention provides
a web-based system which enables the money transfer system to be
provided globally to a global network of agents using the readily
available Internet. Connections between computers over the Internet
should be secure and can be implemented either by using the secure
socket layer (SSL) or by implementing a virtual private network
(VPN) between the computers.
In addition to agents acting as sending and receiving agents, the
system provides for an administrative interface to provide
administrative functions. In FIG. 1, there is illustrated an
administrator's computer 4 which is also provided with a web
browser 4a to access web pages provided by the web server 6 to
provide an administrator's interface to the information in the
database 10.
FIG. 2 illustrates the content of the database 10 in the
transaction server 1 in more detail.
Within the database 10 there is stored sending entity records 11.
The sending entity represents the customer of the service. The
records contain customer information. Each sending entity or
customer is given a customer number. For each customer number the
customer's name, address, contact details such as telephone number,
fax number and e-mail are entered together with date or birth, age,
and sex. Also the records can indicate whether the records are
active or inactive to allow for an administrator to bar the
customer. The records can also store a list of recipients, by
recipient numbers to whom the sender has sent money before.
Database 10 also includes recipient entity records 12. The
recipient entity records 12 contain information on the recipients
of the money transfers by customers. Each recipient is given a
recipient number and the recipients personal details such as name,
age, date or birth, sex, address, etc., is stored as a record. Also
for each recipient, the agent number for the receiving agent they
used to receive the money is stored.
Database 10 also includes agent records 13 which comprise a record
for each agent. Each agent is given an agent number or ID. The
agent number or ID can indicate the type of agent. For example, an
agent can be a master agent or a sub-agent. The agent ID will
indicate whether the agent has been registered as a sub-agent since
the ID will include the ID of the parent. A parent and child
relationship can either be indicated by the agent ID, or by
relationships within the database. The agent record will also
indicate the type of agent, for example whether it is a sending
agent a receiving agent, or both a sending and receiving agent. The
ability to send and receive money can be governed by local money
transfer regulations. The agent record also includes the agent
name, address (location), and contact details. For security, the
Internet Protocol (IP) address of the agents computer can also be
stored in an agent record so that the IP address of the computer
used during a money transfer can be checked to ensure that the
communication during money transfer is to the agent's computer and
not to a hacker. The agent record will further include security
details such as username and passwords. If the agent is an
organization, there may be an organization password which provides
a certain level of access and each operator can be provided wit an
individual password which provides a lower level of access. The
level of access can govern the level of administrative access
enabled to the information within the database. The agent record
further stores credit limit information indicating the level of
credit allowed for the agent and/or deposit information indicating
the level of funds deposited by the agent. Further in the agent
record the commission type or split to be earned by the agent for
money transfers can be indicated to enable separate types of
commission or separate commission splits to be used for different
agents. For example, where an agent generates a high volume of
business, a special commission type or split may be negotiated for
that agent. The agent record further stores an indication of
whether the agent record is active or inactive to allow for an
administrator to bar the agent should that be required.
The database 10 also stores money laundering regulation officer
(MLRO) records 14. An MLRO record is provided for each MLRO.
Typically each country will require a MLRO who has knowledge of the
money laundering compliance regulations of that country to enable
them to update the records when necessary The MLRO record stores
regulatory information, statutory limits for transactions, internal
limits for transactions together with username and password
information.
The database 10 further contains administrator records 15. The
administrator records comprise a record for each administrator who
has access to information in the database. The record for an
administrator comprises an administrator number, an administrator
level indicating the level of access permitted to the
administrator, the geographical region for which the administrator
is responsible, and the username and password information for the
administrator.
The database 10 further contains credit controller records 16. Each
credit controller is provided with a record having a credit
controller number, an indication of the region for which the credit
controller is responsible, and the username and password for the
credit controller. This enables credit controllers to look at
agents' accounts to perform their credit control responsibilities
in respect of the regions for which they have responsibility.
The database 10 further stores transaction records. A transaction
record is created for each transaction or money transfer that takes
place. A transaction record comprises a transaction number unique
to the transaction, the sender number, the receiver number or
numbers, the sending agent number, the receiving agent or agents,
the principal sum, i.e. the amount paid by the sender, the amount
to be paid to the or each receiver, the commission charged for the
transaction, the sending and receiving currencies, the actual and
realized exchange rates (the actual exchange rate representing the
exchange rate used by the sending agent to calculate the amount to
be paid to the receiver in relationship to the actual amount paid
by the sender, whereas the realized exchange rate represents the
exchange rate at the time of settlement of the transaction with the
sending agent). The transaction record can also include an
indication of whether the transaction is a suspicious or irregular
transaction or not. If the transaction is a suspicious or irregular
transaction, the transaction record can include either the
additional transaction data which is required to be entered by the
sender or a pointer to the additional transaction data. The
transaction record further stores a status indication indicating
the status of the transaction. The transaction has four states: 1.
Pending, indicating that the instruction to pay the receiver has
been received by the receiving agent but payment has not yet been
made to the receiver; 2. Remitted, indicating that the receiver has
been paid; 3. Settled, indicating that the sending agent has been
paid; 4. Failed/cancelled, indicating that the transaction has
failed or has been blocked.
The transaction record can further store a password that a receiver
must give to a receiving agent before they are paid.
The database 10 further stores exchange rate and commission data
18. Exchange rate data must be updated regularly to reflect current
exchange rates. The commission data can comprise commission rates
to be used for transactions. The exchange rate and commission data
is referred to in the formation of a transaction record.
It will thus be clear that the data stored in the database 10
contains a wealth of information on transactions implemented by
agents which can be accessed and viewed as reports by
administrators, agents, MLROs or credit controllers.
Thus entities within the money transfer system comprise agents
which can be organized hierarchically as parent and daughter agents
or master and sub-agents, administrators, which can be provided
with administrative access at different levels, credit controller,
and MLRO. Each entity requires access to the database 10 with
different levels of access. FIG. 3 illustrates the interfaces
provided to the database 10 by the generation of appropriate web
pages by the web server 6 using the Java code 9. An agent
transaction interface 110 is provided for interfacing to a
transaction processing module 111 comprising code implemented
within the web server 6. An entity enquiry interface 112 is
provided to allow an agent to perform enquiry functions via an
exchange rate processor 113 implemented by the web server 6. This
enables an agent to return information on rates of exchange,
countries, cities and locations where money can be sent by an
entity, the suggested nearest sending agent location to the
location of the desired receiver, the total charge for making a
transaction, the nett amount receivable in a particular country in
a particular currency, the total amount to be paid, and the ability
to check the status of transactions performed by an entity.
An agent is also provided with an agent administration interface
114 to allow an agent to access the database 10 in order to look at
their account information and transactions performed by them, i.e.
sending and receiving transactions. The agent administration
interface allows an agent to access the following information: To
access the agent profile; See all transactions performed by or on
behalf of the agent; To see the total sales made and commissions
earned for a period of time; To view the outstanding amount due to
be paid to the money transfer organization.
The agent can type a record of the cash paid into the bank in lieu
of the payments made. The agent can also view the status of
transactions he is responsible for.
An administration interface 115 can be provided to database 10 to
provide access to administrators at different levels. For example,
a master administrator could have access to all data in the
database. Local administrators, on the other hand, can have access
only to certain parts of the database related to a number of
agents, or to a geographic region. An administrator can view
information dependent upon their level of access. An administrator
can not only access data but can also make changes to, for example,
currency exchange rates, commission rates and other data. The
administrator can obtain reports for agents for which the
administrator is responsible, showing transactions for periods of
time, or transactions that meet certain criteria.
Credit controllers are provided with a credit control interface 116
to enable them to perform credit control. Money laundering
regulation officers (MLROs) are provided with a MLRO interface 117
to enable them to perform their regulatory function.
FIG. 4 illustrates how the various entities in the money transfer
system can be organized. A money transfer organization 70 controls
the money transfer controller 71. The money transfer organization
70 is also provided with an administrator 72, a credit controller
74 and a money laundering regulation officer 73. This enables the
money transfer organization to provide for central control of the
money transfer service. The money transfer organization 70 can also
include their own agents 75 which are under their direct control.
Outside the money transfer organization 70 agents can operate
independently such as agent 90. Such an agent could, for example,
be operated by the owner of a newsagent. This enables people to go
to the newsagent and send money to recipients overseas. Because the
system is a web-based system, the owner of the newsagent acting as
an agent simply requires access to the Internet in order to provide
the service. They will also need to enter into a contractual
relationship with regard to setting up an account with the money
transfer organization 70.
In FIG. 4 organization 100 such as a company comprises two separate
agents 101 and 102. The organization 100 also has an administrator
103 to provide an administrative function for the agents 101 and
102. Thus the money transfer organization 70 provides the
organization with two agent interfaces and an administrative
interface at a level required for the organization 100.
Organization 80 which can comprise for example a company, has an
agent 83 and two sub-agents 82 and 84 which are sub-agents of agent
83. The main agent 83 of the organization has thus registered
sub-agents 82 and 84 as sub-agents of agent 83 with the money
transfer controller 71. This process will be described in more
detail hereinafter. The organization 80 also has an administrator
81 to provide administrative control over the agent 83 and
sub-agents 82 and 84. Thus the money transfer organization 70 has
provided the organization 80 with interfaces to the money transfer
controller 71 to enable three agents to access the money transfer
controller 71, two of them being as sub-agents of the main agent
83, and an administrative interface.
FIG. 5 is an organizational diagram illustrating the hierarchical
organization of agents in relation to the money transfer controller
and entities. The relationships illustrated by the solid lines in
FIG. 5 are the financial responsibility relationships. For example,
each agent or parent agent 21, 26, 27, 28 and 34 have a contractual
relationship with the money transfer controller 20 and credit is
arranged to enable these agents to transact. The remaining agents
22, 23, 24, 25, 29, 30, 31, 32 and 33 are all daughter or
sub-agents that have been set up as sub-agents of the parent agents
21, 26 and 28. It is these parent agents 21, 26 and 28 that bear
the financial responsibility of the sub-agents that they have
registered. The sub-agents 22, 23, 24, 25, 29, 30, 31, 32 and 33
can perform transactions with any other agents. The transactions
are, however, mapped to the accounts for the master or parent
agents, particularly for credit checking purposes. Agents 21, 26
and 28 have limited credit which requires them to ensure that
transactions are paid for by settling with receiving agents, and
that their sub-agents settle transactions with receiving
agents.
It can be seen in FIG. 5 that sub-agents can be registered as
master agents for sub-agents and thus a hierarchy of agents can be
registered with the money transfer controller 20. Each agent can
implement the money transfers for separate entities, e.g. persons
or companies, or the agent might be operated by an organization
such as a company and therefore the agent becomes an agent/entity
such as agent/entities 25 and 34.
The dashed lines in FIG. 5 illustrate money transfers between
entities. Entity 46 is a sending entity using agent 24 as a sending
agent. Sending agent 24, although responsible to parent agent 21
financially, can connect to the money transfer controller 20 using
the web interface. The money transfer controller 20 will identify
that the receiving agent is agent 21 and thus information will be
transferred to agent 21 so that agent 21 can complete the transfer
of the money to the receiving entity 40. It can be seen that this
transfer comprises a transfer involving sub-agent 24 to parent
agent 21. This is thus a transaction which could be implemented as
a local transaction on a spoke in a hub and spoke transaction model
as will be described in more detail with reference to the
embodiment of FIG. 8.
The other transaction illustrated in FIG. 5 by the dashed line is a
transaction from a sending entity 47 to multiple receiving entities
48, 50 and 60. The sending entity 47 uses the sending agent 26 to
compile a single transaction for which the sending entity makes a
single payment represented as a transaction from a single sending
entity to multiple receiving entities. The transaction data will
also indicate that two receiving agents 27 and 33 are involved in
completion of the transfer to the three receiving entities 48, 50
and 60. The money transfer controller 20 thus receives the
transaction data from the sending agent 26, stores it as a
transaction and instructs the receiving agents 27 and 28 to make
payment to their respective receiving entities 48, 50 and 60. It
can thus be seen that for this transaction it is possible for a
sending entity to make a single transaction to multiple receiving
entities, thus simplifying the transaction process for the sending
entity.
The process of registering agents for the money transfer service
will now be described with reference to the flow diagram of FIG. 6.
Any prospective agent for the service must first access the agent
registration web page (step 81). If an agent has already
registered, it is possible for the agent to log in (step S2) to
enable them to register sub-agents (step S5).
If an agent does not log in (because they are not registered) they
enter agent data (step S3) to enable an agent record to be formed
in the database 10 (step S4). When an agent registers, they will
need to either obtain secured credit or make a deposit to use the
service. The level of credit or the level of their deposit will
determine the credit available to them for transactions.
Once an agent is registered, it is possible for the agent to select
to register sub-agents for which they will be financially
responsible (step 85). If they do not select to register
sub-agents, the registration process is terminated (step S6). If
the agent selects to register sub-agents (step S5), a web page is
generated by the web server 6 for registering sub-agent (step S7).
An agent can then select to register daughter sub-agents of a
registered sub-agent (step S8). If the agent does not select at
this point to register sub-agents of a registered sub-agent, but
instead wishes to register a sub-agent, the sub-agent data is
entered (step S9) and an agent record is created for the sub-agent
as a sub-agent of the agent (step S10). The agent can then select
to register daughter sub-agents (step S11). If they do not select
and register daughter sub-agents, the registration process is
terminated (step S6). If the agent selects to register daughter
sub-agents (step S8 or step S11) the parent sub-agent for the
daughter sub-agent is selected (step S12) and daughter sub-agent
data is entered (step S13). An agent record is then formed for the
daughter sub-agent as a daughter sub-agent of the parent sub-agent
(step S14). This process can be repeated for further daughter
sub-agents (step S11).
In this way an agent operating as a master or parent agent can
register a hierarchy of sub-agents for which the master or parent
agent takes financial responsibility. Such an agent is agent 28
illustrated in FIG. 5 which has two sub-agents 29 and 33. Sub-agent
29 has daughter sub-agents 30, 31 and 32. All of these agents 29,
30, 31, 32 and 33 fall under the financial responsibility of the
parent agent 28.
The process of transferring money from a sending entity to one or
more receiving entities will now be described with reference to the
flow diagram of FIGS. 7a and 7b.
When a sending entity instructs an agent to transfer money to one
or more receiving agents, the sending agent logs in to the money
transfer system and accesses the money transfer web page provided
by the web server 6 (step S20). The sending agent takes the
following information from the customer: Customer number (if not a
new customer) Sender's title Sender's first name Sender's last name
Sender's date of birth or age Sender's fill address Sender's
postcode Sender's phone number Sender's e-mail Mode of payment,
e.g. cash, draft or bank account Bank, bank account number, branch,
sort code Where the money is to be sent The amount to be sent
Paying-in currency (by default this is the local currency of the
sending agent) Paying-out currency Password he wants the receiver
to give to obtain the money Reasons for sending (required for money
laundering regulations), i.e. personal, family maintenance or
foreign tourist Is this the sender's money (yes or no) Recipient's
title Recipient's date of birth or age Receipt's first name
Recipient's last name Recipient's address Recipient's phone number
Total amount to be paid to the sending customer Pay out method,
e.g. cash, cheque or credit card
Thus, the sending and receiving entity data and money transfer data
is input (step S21). The exchange rate and commission data is used
to determine the sum to be paid by the receiving agent to the
receiving entity (step S22).
During the determination of the exchange rate and the finalization
of the transaction by the sending agent, a receipt is issued to the
sender. A sender can also see the status of all previous
transactions carried out on his behalf.
The data is sent to and received at the transaction server (step
S23). The transaction server adds the sending agent information
obtained by virtue of identifying the agent during the log-on
sequence (step S20) is added to the received data for the stored
transaction data (step S24). The transaction server then determines
whether the transaction data identifies more than one receiving
entity (step S25). If so, the transaction data is stored as a
linked set of transaction records where the transaction records are
associated or linked by the sending entity and/or agent and are
indexed by the receiving agents and/or entities. If the transaction
data identifies only one receiving entity (step S25) the
transaction data is stored as a transaction record (step S27). The
transaction record or records are then compared to the sending
agents data and the regulatory data (step S28). If the comparison
of the transaction record or records of the regulatory data
identifies that the transaction is a suspicious or irregular
transaction (step S29), a web page requesting additional
transaction data from the sending entity is generated (step S30).
Thus the sending entity must provide further data such as passport
details, driving licence or other acceptable identification. The
comparison (step S28) enables a possibly valid but suspicious or
irregular transaction to be processed with necessary additional
data to aid the detection of money laundering. The additional
transaction data is received at the transaction server (step S31)
as a result of the sending agent filling in the forms on the web
page, and the additional transaction data is entered in the
transaction record or records (step S32).
Once the additional transaction data has been entered in the
transaction records, or if the transaction is not a suspicious or
irregular transaction, the transaction server then determines
whether the transaction causes the credit limit for the sending
agent to be exceeded, or whether the agent has been barred from
using the service, or whether a money laundering compliance
regulation would be broken by the transaction. If so, a web page is
generated to inform the sending agent that the money transfer
cannot be accepted (step S34), the transaction is then marked as
refused in the transaction records (step S35). Thus in this way the
transaction server can monitor and control transactions and prevent
transactions which would either expose the receiving agent to an
unacceable credit risk (because the credit limit of the sending
agent has been exceeded or the agent has been barred) or breach
money laundering compliance regulations applicable to the
transaction.
If it is determined that the credit limit has not been exceeded for
the sending agent, the sending agent is not barred, and that no
regulation has been broken (step S33) a web page is generated to
inform the sending agent that the transfer is accepted and the
transaction number or numbers are displayed (step S36). The
transaction server marks the transaction or transactions as pending
(step S37) and the receiving agent or agents for the transaction or
transactions are notified (step S38). The receiving agent or agents
then accesses the web page showing pending transactions for which
they are the receiving agent (step S39). The receiving agent or
agents then make arrangements to pay the receiving entity or
entities and input an indication that the payment or payments have
been made (step S40). In order for the receiving agent to pay the
receiving entity, the receiving entity must confirm their name,
address, telephone number, the amount they expect to receive, from
whom he expected to receive the funds, the country from which the
funds are expected to come from, a password (if applicable), a form
of identification, and a selection of the method of payout.
The transaction server then updates the transaction record or
records to remitted status and records the exchange rate at the
time of remittance in the transaction record (step S41). The
recording of the exchange rate of the time remittance in the
transaction record enables the exchange rate difference for a
transaction record, i.e. the spread to be determined. Because the
money transfer organization accept payment from the sending entity
based on the exchange rate at the time of payment by the sending
entity and then make payment to the receiving entity based on the
exchange rate at the time of payment, there is a potential exchange
rate difference. This is borne by the money transfer organization.
This exchange rate difference may result in a profit or a loss.
Careful selection of exchange rates used for calculation of the
payment to be made by the sending entity need to be used to avoid
exchange rate losses. At the end of each day, the sending agent
will deposit all money he has received from all customers minus his
commission in a bank specified by the money transfer organization.
This allows the money transfer organization to credit accounts
accordingly, i.e. to transfer funds to receiving agents who have
paid money out to receiving entities. Records of the payment of the
cash made to the money transfer organization can be entered by the
sending entity using the administration interface 114.
Once transactions have been completed using the administration
interface, agents can view their account data of previous
transactions. This enables agents to affect a netting off against
any other agents at any time using the current exchange rates.
FIG. 8 is a schematic diagram of a money transfer system in
accordance with another embodiment of the present invention. The
system operates as a hub and spoke money transfer system in which
the transaction server 1000 acts as a hub and the master agent's
computer 3000 acts as a spoke. In this embodiment of the present
invention, a master agent operating the master agent's computer
3000 has registered two sub-agents operating sub-agents' computers
4000 and 5000, each implementing respective web browsers 4000a and
5000a. The agents are all part of an organization 6000. The master
agent is liable for its sub-agents as described hereinabove.
In this embodiment of the present invention, when a master agent
registers as a master agent, the master agent's computer 3000 is
configured as a spoke in the hub and spoke money transfer system.
The master agent's computer receives code for implementing a master
agent application 3003 that a database subset 3004 which is a
subset of database 1005 in the transaction server 1000 (i.e. the
hub). The master agent's computer 3000 also implements a web
browser 3001 and web server 3002.
The transaction server 1000 acting as hub money transfer system
comprises a web server 1001 implementing Java code stored in the
Java code store 1003 and static web page and templates stored in a
static web page and templates store 1002. The database application
1004 acts as an interface between the web server 1001 and the
database 1005. The operation of the transaction server 1000 is
substantially the same as described hereinabove for the previous
embodiment.
When a sub-agent is instructed to a receiving entity, if the
receiving entity wishes to use a receiving agent having the agent's
computer 7000, since this is not under the control of the master
agent, the sub-agent must use the transaction server 1000 as the
hub money transfer system as described hereinabove for the previous
embodiment However, if money is to be transferred from a sending
agent operating the sub-agent's computer 5000 to the agent
operating as a receiving agent and operating a sub-agents computer
4000, the master agent's computer 3000 can be used as a spoke money
transfer system. Since there is no responsibility outside the
organization 6000 for the money transfer, the hub money transfer
system need not be involved. There is simply a transfer of funds
between agents for which the master agent has ultimate liability
Thus, the web browser 5000a of the sub-agents computer 5000 can be
used by the sending agent to access the web server 3002 at the
master agent's computer 3000 The master agent application 3003 can
then access data within the database subset 3004 in order to
complete the transaction to the receiving agent using the
sub-agents computer 4000. In this way the transaction is controlled
by the master agent application 3003 and the database subset 3004
contains records of local transactions within the organization
6000.
In order to ensure that the hub money transfer system implemented
by the transaction server 1000 contains an up-to-date global
database 1005, periodically, the database application 1004
implements a procedure to synchronize the database subset 3004 with
the database 1005.
It can thus be seen that this second embodiment of the present
invention enables local transactions to be implemented using a
spoke money transfer system implemented under the control of a
master agent for transactions between sub-agents of the master
agent.
Although the present invention has been described hereinabove with
reference to specific embodiments, it will be apparent to the
skilled person in the art that modifications lie within the spirit
and scope of the present invention.
For example, although the currency conversion has been described
hereinabove as a direct conversion from the sender's currency to
the receiver's currency, the present invention encompasses the use
of any number of intermediate currencies in the currency conversion
process.
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